Carbon Monoxide Market Drivers: Fueling the Chemical Revolution

Global Carbon Monoxide Market Overview

The global carbon monoxide market was valued at USD 5.42 billion in 2024 and is expected to reach USD 6.97 billion by 2030, expanding at a CAGR of 4.3% from 2025 to 2030. The market growth is primarily driven by the increasing use of carbon monoxide as a vital feedstock in chemical manufacturing, particularly for the production of syngas (a mixture of carbon monoxide and hydrogen). Syngas is essential in manufacturing products such as methanol, acetic acid, and various hydrocarbons.

Rising demand for methanol, used in fuel applications, plastics, and adhesives, also contributes significantly to the growth of carbon monoxide consumption. Carbon monoxide is a colorless, odorless gas made up of one carbon and one oxygen atom. It is produced through the incomplete combustion of fossil fuels or gasoline. Due to its lack of color and odor, CO requires specialized detection equipment for identification. Beyond its role in syngas production, carbon monoxide also serves as a reducing agent in metallurgical processes and is involved in several chemical reactions, including methanol synthesis.

The carbon monoxide market is characterized by a fragmented competitive landscape, with several major players including Air Liquide, Air Products and Chemicals, Inc., American Gas Products, Celanese Corporation, Axcel Gases, Messer, Linde plc, and Sipchem Company.

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Key Market Trends & Insights

• Asia Pacific held the largest share of the global carbon monoxide market in 2024, accounting for 47.0% of total revenue. This dominance is driven by strong demand from industries involved in metal extraction and processing, as well as a significant presence of chemical and pharmaceutical manufacturing operations across the region.

• In terms of application, the electronics segment led the market with a 34.1% revenue share in 2024. This is attributed to the critical role of carbon monoxide in the synthesis of methanol and acetic acid, which are essential building blocks in the production of plastics, solvents, and other industrial chemicals.

• The metal fabrication segment is another key application area for carbon monoxide. It plays a significant role in the production of steel and various alloys, where CO is used to reduce iron ore, making the extraction process more efficient and environmentally favorable. The rising global demand for high-quality steel, driven by construction and infrastructure development, is supporting the expansion of this segment.

Market Size & Forecast

• 2024 Market Size: USD 5.42 Billion

• 2030 Projected Market Size: USD 6.97 Billion

• CAGR (2025-2030): 4.3%

• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Prominent players in the carbon monoxide market include Air Liquide and Messer, among others.

• Air Liquide operates across multiple sectors including healthcare, electronics, and engineering & construction. The company is present in over 75 countries and employs 66,400 people worldwide. It engages in a wide range of processes such as carbonation, oxy-combustion, and industrial cryogenics. Its U.S. subsidiary, Airgas, is a major supplier of carbon dioxide and dry ice.

• Messer provides gases including oxygen, nitrogen, argon, and carbon dioxide, serving both medical and industrial markets. The company supports industries such as food & beverage, electronics, rubber & plastics, and paper & pulp. Messer operates in 30 countries across Europe and Asia.

Key Players

• Air Liquide

• Linde plc

• Celanese Corporation

• Messer

• MESA Specialty Gases & Equipment

• Sipchem Company

• Axcel Gases

• Praxair Inc.

• Air Products and Chemicals, Inc.

• American Gas Products

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Conclusion

The global carbon monoxide market is experiencing steady growth, fueled by its expanding applications in chemical manufacturing, particularly in the synthesis of methanol and syngas. The rising use of methanol in fuels, adhesives, and plastics, along with CO’s importance in metal fabrication and electronics, continues to drive demand. With Asia Pacific leading in consumption due to its strong industrial base, and companies like Air Liquide and Messer investing in technology and global reach, the carbon monoxide market is expected to maintain a positive growth trajectory through 2030.